Sign in to follow this  
Luke2492

Tax for personal use.

Recommended Posts

Hi all,

Have been trading for a while now but have a question regarding tax. I always have 4-5 cars in stock but have used a separate car (non stock) for personal use. I am now looking to get rid of that and instead use a car from stock for personal use as well as sale. How would be the best way to tax this and what issues would this cause?

Thanks

Share this post


Link to post
Share on other sites

Tax it using new owner part but pay by direct debit, then when you sell it you can cancel the direct debit and just register it to the customer.

Edited by Row

Share this post


Link to post
Share on other sites

Having moved from lv to covea I find both these insurers insist users are registered to the business

Its OK to play the game if you wish, but accidents happen

Share this post


Link to post
Share on other sites
10 hours ago, Row said:

Tax it using new owner part but pay by direct debit, then when you sell it you can cancel the direct debit and just register it to the customer.

Thanks, when the car is sold can the customer tax the vehicle online or will they need to do it at a post office?

Share this post


Link to post
Share on other sites
9 hours ago, It's me said:

Having moved from lv to covea I find both these insurers insist users are registered to the business

Its OK to play the game if you wish, but accidents happen

I'm with Covea, interestingly, a few years ago I asked this very question and, received the opposite information:D

I'll call again to check this, very important pointB)

Share this post


Link to post
Share on other sites
45 minutes ago, Luke2492 said:

ks, when the car is sold can the customer tax the vehicle online or will they need to do it at a post office?

Tax online as normal using same V5C2 , dead easy 

Share this post


Link to post
Share on other sites
11 hours ago, It's me said:

Having moved from lv to covea I find both these insurers insist users are registered to the business

Its OK to play the game if you wish, but accidents happen

Just spoken with an underwriter at Covea and, there is no requirement to register the V5 of a 'keeper' to the business, for the purposes of the insurance cover. They do require 'legitimate' proof that the vehicle is owned by the business, in the form of purchase receipt with the name of the covered party.

This is the same advice as when I enquired previously.

It follows that if you personally own the 'keeper', not the business, then slap it on the Motor Insurance Database thinking it's covered.... well, in the event of a prang et al, it is not covered by the trade insurance as it won't be the property of the covered party....if that makes sense.

hope this helpsB)

Edited by Frank Cannon
  • Like 1

Share this post


Link to post
Share on other sites
1 hour ago, Luke2492 said:

Thanks, when the car is sold can the customer tax the vehicle online or will they need to do it at a post office?

As David Horgan said

Edited by Row

Share this post


Link to post
Share on other sites

On most policies I have had it has been the opposite - i.e. a car owned by the business (whether registered in their name or not) is always covered but once a car becomes privately owned by a director or employee I should contact the insurer and ask for cover to be extended to a private car which they may, or may not, do.

That's with AXA.

 

  • Like 1

Share this post


Link to post
Share on other sites
9 hours ago, poor-trader said:

On most policies I have had it has been the opposite - i.e. a car owned by the business (whether registered in their name or not) is always covered but once a car becomes privately owned by a director or employee I should contact the insurer and ask for cover to be extended to a private car which they may, or may not, do.

That's with AXA.

 

B)

Share this post


Link to post
Share on other sites

Fling the trade plates in the window & use the car to your hearts content.

Share this post


Link to post
Share on other sites
1 hour ago, BHM said:

Fling the trade plates in the window & use the car to your hearts content.

Red and white coppers delight!

Share this post


Link to post
Share on other sites
1 hour ago, Row said:

Red and white coppers delight!

Red and white stop on sight!

Share this post


Link to post
Share on other sites
8 hours ago, Row said:

Red and white coppers delight!

 

6 hours ago, metcars said:

Red and white stop on sight!

What can I say gents? In all my years of having them I’ve only ever been pulled once & that was about a decade ago whilst filling with petrol at the local petrol station less than a mile away. 

With current police staffing & crime levels I don’t think pulling insured cars with plates in the window even registers on the scale of ‘worth a pull’.

Share this post


Link to post
Share on other sites
1 hour ago, BHM said:

 

What can I say gents? In all my years of having them I’ve only ever been pulled once & that was about a decade ago whilst filling with petrol at the local petrol station less than a mile away. 

With current police staffing & crime levels I don’t think pulling insured cars with plates in the window even registers on the scale of ‘worth a pull’.

I think that ‘anything’ is worth a pull these days? Fines and minor motoring infringements are a lot easier to chase than bank robbers with shotguns like ‘the sweeney’; gone are those days? 

Share this post


Link to post
Share on other sites
2 hours ago, BHM said:

 

What can I say gents? In all my years of having them I’ve only ever been pulled once & that was about a decade ago whilst filling with petrol at the local petrol station less than a mile away. 

With current police staffing & crime levels I don’t think pulling insured cars with plates in the window even registers on the scale of ‘worth a pull’.

My daughter got pulled before Christmas , Twat copper was about 18 and pulled her for no insurance , Trade car it was . Took her calling the station to get through his thick head that plates are on the insurance MID , he was arguing they only cover TAX took his boss to put him right . Prat . She took his head off afterwards in the petrol station forecourt with an audience  , bet his ears are stilling remembering that LOL  not one to be messed with is my daughter , ex prison officer she can make grown men bleed from their eyes sockets . Only 8 stone 5 and 5' 4" but strewth 

  • Like 1

Share this post


Link to post
Share on other sites
On 1/15/2021 at 9:43 AM, David Horgan said:

not one to be messed with is my daughter 

Obviously been taught by the best!

  • Like 1

Share this post


Link to post
Share on other sites
2 hours ago, David Ayers said:

Obviously been taught by the best!

That's been said before :lol: I don't tolerate fools easy ;)

  • Like 1

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this